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In its first anti-encroachment operation since this year's floods, the Noida Authority demolished approximately 50 illegal farmhouses situated on the Yamuna floodplains in Sector 151. These farmhouses encompassed several acres and had concrete structures where commercial activities were being conducted. ...
Maruti Suzuki, India's largest passenger car manufacturer, has secured a 270,000 sq ft lease in Tag Avenue, a commercial building located in Gurgaon. This move follows a request from Haryana Chief Minister Manohar Lal Khattar last year for the automobile giant to relocate its corporate office to Gurgaon. As part of this agreement, 900 acres of land were allocated to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana. ...
The City and Industrial Development Corporation of Maharashtra (CIDCO) has revoked the allocation of two adjacent plots in Sampada, Navi Mumbai, to Godrej Properties, as reported in a BSE filing. Godrej Properties has contested this cancellation by filing a writ petition with the Bombay High Court. ...
Emaar India, the local subsidiary of Dubai's Emaar Properties, plans to invest at least $1.85 billion over the next two years. CEO Kalyan Chakrabarti aims to achieve in 21 months what previously took 21 years, with a plan to release approximately 10 million square feet of real estate in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad. ...
The Indian cement industry is facing challenges in competing in international markets due to duty-free imports of cement in the country, along with the duties imposed on domestic producers for raw materials. The PHD Chamber of Commerce and Industry (PHDCCI) has conveyed this concern to the commerce and industry ministry. ...
Blox, an AI-powered proptech company, is in the final stages of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra. The deal is valued at ?350 crore and is expected to be completed using a combination of cash and stock, according to individuals with direct knowledge of the matter. ...
A Delhi court has rejected R K Arora's request for 'default bail' in a money laundering case. Arora, the chairman and promoter of Supertech Group, argued that he should be granted bail due to an 'incomplete charge sheet' filed by the central probe agency, but Additional Sessions Judge Devender Kumar Jangala dismissed the application. ...
The Economic Offences Wing (EOW) of the city police has launched an investigation into Highstreet Paramvir Developers for financial irregularities following a complaint from the Maharashtra Real Estate Regulatory Authority (MahaRera). These irregularities revolve around a project situated on a 6,525 sqft plot in Khar. MahaRera filed the complaint after conducting a forensic audit of the project. Notably, this marks the first instance in which the real estate regulator has taken action against financial improprieties. ...
In a separate legal matter, the Bombay High Court has appointed a single arbitrator to resolve a dispute related to a redevelopment agreement that has been ongoing for over a decade. The court has also directed the secretary of the cooperative housing society involved to provide the relevant documents and records of the society, including checkbooks, to its chairman within one month. ...
The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case. The court reasoned that money laundering involves intricate processes designed to legitimize illegally obtained funds, necessitating thorough investigation. ...
Bombay High Court bench, comprised of Chief Justice Devendra Kumar Upadhyaya and Justice Arif Doctor, dismissed a petition from builder Modern Realty Pvt Ltd seeking permission to participate in a BIT chawl redevelopment tender process. The court also imposed a fine of Rs 2 lakh on Modern Realty Pvt Ltd, payable to KEM Hospital and Medical College within one month, emphasizing that court proceedings should not be exploited by unscrupulous litigants. ...
The Supreme Court has dismissed the bail request from the former promoter, Surendra Kumar Hooda, of a real estate company accused of defrauding investors, and has ordered them to surrender. On October 4, a bench of justices Aniruddha Bose and Bela M Trivedi rejected the plea of Surendra Kumar Hooda, the former promoter and director of AN Buildwell, a real estate firm. ...
The National Green Tribunal (NGT) has prohibited Cidco, the planning authority for Navi Mumbai, from leasing a 25,000 sq m (6.2 acre) plot near the NRI Colony in Seawoods, Nerul, falling under Coastal Regulation Zone (CRZ). Local residents and activists have been opposing Cidco's plans to auction the plot, which is located in a mangrove and flamingo habitat, for residential and commercial purposes. ...
Hero Realty Pvt Ltd has formed a new joint venture (JV) with Saheb Enterprise, based in Gurgaon, to construct a high-end residential complex in sector 104, Gurgaon. This marks the second partnership between Hero Realty and the same company. In April 2023, both firms entered into a JV to develop a project covering approximately 2 million square feet, with an anticipated revenue of Rs 2,000 crore. ...
Banks that provided financing to Jaiprakash Associates Ltd (JAL), the primary company of the struggling Jaypee Group, have submitted affidavits in the Allahabad High Court in support of the developer's petition to invalidate an order from the Yamuna Expressway Industrial Development Authority (YEIDA) that canceled the allocation of 1,000 hectares of land to the company. ...
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